Core Viewpoint - The company has decided to extend the implementation deadline for the non-public offering of stock fundraising project "Nanjing Kaide Youyun Data Center Project (Phase II and III)" from March 31, 2025, to June 30, 2026, due to various market factors affecting project execution [1][5][9]. Summary by Sections Non-Public Offering Fundraising Basic Information - The company issued 83,221,388 shares at a price of RMB 10.95 per share, raising a total of RMB 911.27 million, with a net amount of RMB 893.87 million after deducting issuance costs [2][4]. Progress of Fundraising Implementation - As of December 31, 2024, the company has utilized RMB 137.63 million of the raised funds, accounting for 15.40% of the net amount [3][4]. Reasons for Deadline Extension - The project has faced delays due to market conditions, although the main structure is completed and installation of systems is ongoing. The decision to extend the deadline is based on a cautious approach to project implementation [5][6]. Market Outlook - The data center industry in China is expected to grow at a compound annual growth rate of 18.9% over the next five years, providing a favorable market environment for the project [5][6]. Project Location and Infrastructure - The project is located in Nanjing, which has a strong demand for data center services due to the presence of major internet companies and government support for data infrastructure [6][7]. Measures for Ensuring Project Completion - The company will monitor the project's progress closely and adjust strategies as needed to ensure successful implementation and expected benefits [7][8]. Approval Process - The extension of the project deadline has been approved by the company's board and supervisory board, and it will be submitted for shareholder approval [8][9].

Core Viewpoints - The short-term catalysts for the A-share market may diminish, while the upcoming April earnings season could enhance profit pricing power [1][5] - External demand may face downward pressure, but the fundamental landscape still supports long-term bonds [1][4] Equity Market - Zhongtai Securities focuses on small-cap technology stocks, suggesting that they may benefit from capital expenditures by leading firms and local investments, potentially releasing performance elasticity this year [3] - Guohai Securities believes that financial and technology sectors may benefit from index breakthroughs, with a strong recovery in policy, monetary, or fundamentals being necessary for sustained upward movement [4] - Huatai Bairui Fund anticipates an increase in profit pricing power as the market risk appetite recovers, with a focus on emerging growth assets and dividend cash flow sectors benefiting from declining interest rates [5] Macroeconomic and Fixed Income - Penghua Fund indicates that the domestic economy is in a weak recovery trend, with real estate still seeking a bottom and external trade policies potentially dragging down exports [17] - Boshi Fund asserts that the fundamental landscape supports long-term bonds, with slow recovery in real estate and potential downward pressure on external demand [18] - CICC suggests that long-term interest rates may experience narrow fluctuations due to recent liquidity easing and a stable economic environment [19] Asset Allocation - Guolian Minsheng Securities recommends a barbell strategy in a volatile market, focusing on sectors with reasonable valuations and strong fundamentals while avoiding high-risk speculative areas [21][22]

Group 1: Company Overview - The company is Guangdong Shantou Ultrasonic Electronics Co., Ltd., with the stock code 000823 and the abbreviation "Ultrasonic Electronics" [1]. Group 2: Event Details - The 2024 Annual Performance Briefing was held on March 28, 2025, from 15:00 to 16:00 via the Shenzhen Stock Exchange's "Interactive Easy Platform" [2]. - The event was hosted by Lin Min, the company's General Manager, along with other key personnel including Chairman Mo Yibin and Secretary Chen Dongping [2]. Group 3: Market and Product Insights - Currently, the company's printed circuit board (PCB) products account for approximately 8% of applications in high-performance computing and server fields, with plans for future expansion in this area [3]. - The company produces PCBs for 5G communication devices, while research on 6G technology and applications is still ongoing [3]. - Although the company does not currently have PCBs specifically for AI glasses, it confirmed that its products can be adapted for such applications [3].

Financial Data and Key Metrics Changes - Fourth quarter revenue was $3.4 billion, adjusted EBITDA was $271 million, a 20% year-over-year increase, and adjusted EPS was $1.44, more than double last year's fourth quarter [6][7]. - For the full year 2024, revenue was $12.3 billion, adjusted EBITDA was $1.06 billion, also an almost 20% year-over-year increase, and full year adjusted EPS was $3.95 [7][24]. - Cash flow from operations for 2024 was $1.1 billion, with net debt reduced by over $700 million for the year [7][25]. Business Line Data and Key Metrics Changes - Communications segment revenue increased by 28% year-over-year in the fourth quarter, with EBITDA up 67% [11]. - Power Delivery segment revenue grew by about 16% year-over-year in the fourth quarter, with expectations for double-digit growth in 2025 [13]. - Clean Energy and Infrastructure segment revenue was up 18% year-over-year in the fourth quarter, with EBITDA more than doubling [15][29]. - Pipeline segment revenue was down year-over-year and sequentially, with guidance for 2025 revenue at approximately $1.8 billion [14][30]. Market Data and Key Metrics Changes - The backlog at year-end totaled $14.3 billion, an increase of over $400 million sequentially and almost $2 billion year-over-year, representing a record level for the company [25][26]. - The company expects non-pipeline revenues to increase by 14% and non-pipeline EBITDA to grow over 25% in 2025, supported by strong customer demand [8][9]. Company Strategy and Development Direction - The company is focused on cultivating the best talent in the industry and preparing the workforce for future demands [10]. - There is a strong emphasis on modernizing and rebuilding America's infrastructure, with a diversified business model that allows for integrated solutions at scale [19][20]. - The company aims to improve margins significantly while maintaining strong revenue growth, which is expected to lead to substantial value creation for stakeholders [21][20]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the unprecedented level of demand across all segments, indicating that this is not a short-term bubble but a fundamental need for infrastructure support [10]. - The company anticipates continued backlog growth in all segments during 2025, despite potential lumpiness in project awards [56]. - Management highlighted optimism regarding the pipeline business, expecting revenues in 2026 and beyond to exceed 2024 levels [40][116]. Other Important Information - The company has successfully advanced acquisition integration efforts and strengthened its balance sheet through debt reduction [22]. - The company is committed to maximizing return on investment while supporting organic growth, with share repurchases remaining opportunistic [35]. Q&A Session Summary Question: Pipeline business revenue expectations for 2026 - Management confirmed that they expect pipeline revenues in 2026 to exceed 2024 levels due to increased optimism and project activity [40]. Question: M&A strategy given strong cash flow - The focus will be on organic growth first, with potential tuck-in acquisitions considered to meet goals more quickly [42]. Question: Clean Energy segment margins - Margins were driven by execution, with expectations for continued improvement in 2025 [44][46]. Question: Backlog growth in all segments - Management expects backlog growth in every segment during 2025, despite historical lumpiness in project awards [56]. Question: Growth profile in Communications - The growth is primarily driven by new contracts and existing customer demand, with limited reliance on new funding sources [57][60]. Question: Capacity for large transmission projects - The company is prepared to take on additional large projects and is optimistic about securing more contracts in 2025 [94]. Question: Pipeline margins and revenue guidance - The guidance reflects a decline in revenue due to fixed costs, but management remains confident in margin capabilities [96][97].

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the data center industry and battery technology, specifically focusing on lithium-ion (Li-ion) and lead-acid batteries. Core Points and Arguments 1. **Data Center Operators**: The data center market includes operators like GDS, Digital Realty, and others, with a trend towards companies like ByteDance and Kuaishou potentially engaging directly with battery manufacturers for their needs [1][2][3]. 2. **Shift to Self-Built Data Centers**: Companies like Alibaba have shifted from third-party data center rentals to self-built facilities, reducing the demand for third-party services [2]. 3. **Overseas Market Growth**: The U.S. and Southeast Asian markets are experiencing significant growth in data center investments, while Europe remains relatively stable but is expected to grow in the future [2][3]. 4. **Battery Technology Trends**: The current ratio of lead-acid to lithium batteries in domestic data centers is approximately 95% to 5%, with lithium batteries expected to penetrate more due to their performance advantages [4][5]. 5. **Performance Advantages of Lithium Batteries**: Lithium batteries are smaller and have better discharge rates compared to lead-acid batteries, making them more suitable for data center applications [5][6]. 6. **Safety Concerns**: Safety issues surrounding lithium batteries pose challenges for their adoption in domestic markets, although new technologies are being explored to mitigate these risks [6][7]. 7. **Cost and Lifespan of Lithium Batteries**: The cost of lithium batteries is currently higher due to lower production volumes, but they are expected to last over 10 years compared to 5-6 years for lead-acid batteries [7][8]. 8. **Production Capacity and Utilization**: The company has a production capacity of around 2-3 GWh for lead-acid batteries, with a utilization rate exceeding 90% [13][14][25]. 9. **Market Competition**: The data center battery market is competitive, with a few key players dominating, and new entrants face challenges due to established brand loyalty and quality perceptions [22][23]. 10. **Future Pricing Trends**: There is currently no significant price increase observed in the market, but future adjustments may occur depending on material costs and supply-demand dynamics [17][19][20]. Other Important but Possibly Overlooked Content 1. **Regulatory Environment**: The lack of strict regulations on battery types used in data centers in China contrasts with overseas markets, where lithium adoption is more rapid [29][30]. 2. **Market Dynamics**: The competitive landscape is influenced by the ability of companies to adapt their production lines and the challenges of entering the market due to established players [22][23]. 3. **Potential for Price Adjustments**: Future price adjustments may depend on the overall market conditions and competitors' actions, with no immediate signs of price increases [19][21]. This summary encapsulates the key discussions and insights from the conference call, highlighting the current state and future outlook of the data center and battery industries.

苏州朗威电子机械股份有限公司 首次公开发行股票并在创业板上市发行公告 保荐人（主承销商）：安信证券股份有限公司 特别提示 苏州朗威电子机械股份有限公司（以下简称"朗威股份"、"发行人"或 "公司"）根据中国证券监督管理委员会（以下简称"中国证监会"）《证券发 行与承销管理办法》（证监会令〔第 208 号〕）（以下简称"《管理办法》"）、 《首次公开发行股票注册管理办法》（证监会令〔第 205 号〕）、深圳证券交易 所（以下简称"深交所"）《深圳证券交易所首次公开发行证券发行与承销业务 实施细则》（深证上〔2023〕100 号）（以下简称"《实施细则》"）、《深圳 市场首次公开发行股票网上发行实施细则》（深证上〔2018〕279 号）（以下简 称"《网上发行实施细则》"）、《深圳市场首次公开发行股票网下发行实施细 则（2023 年修订）》（深证上〔2023〕110 号）（以下简称"《网下发行实施细 则》"）、《深圳证券交易所创业板投资者适当性管理实施办法（2020 年修订》 和中国证券业协会《首次公开发行证券承销业务规则》（中证协发〔2023〕18 号）、《首次公开发行证券网下投资者管理规则》（中证协发〔202 ...